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Case Study - Value IT Saves Significant Time, Money and Resources Managing Appraisals Using a la mode’s Mercury Workflow Products |
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Oklahoma City, OK Value IT is not a company that is daunted by the challenge. In fact, to ensure superior service to clients other than Wells Fargo, Value IT established a separate, sister company, Advanced Collateral Solutions (ACS), in 2002. Both companies have successfully managed enormous transaction volumes while saving time, money and resources by partnering with a la mode, inc., an Oklahoma City-based provider of appraisal software and mortgage technology solutions. Rules-based data delivery standards save time, money on the back end Bloated appraisal turn times, fed by increased volumes during the recent mortgage and refinance boom, are manageable primarily on the front end – locating reliable appraisers in a given market area – and in quality review. Value IT/ACS needed to broaden their EDI capabilities and add flexibility to their transaction system for their appraiser trading partners. Barriers to this goal included reliance on unstable commercial e-mail programs, Internet service providers and PDF converters, according to Bryan Heger, Value IT’s strategic initiatives manager. a la mode’s Mercury Network and its associated workflow tools empower Value IT/ACS to receive appraisal data in an Open Source XML format, delivered in a structured manner so that each field of each appraisal report received is stored in a database. The data is then exportable to a variety of report formats and may be seamlessly used in quality control and risk assessment processes. Further, the platform provides a graphical representation of each appraisal report in Adobe PDF format that is deliverable via e-mail, FTP, HTTP, and/or the Value IT/ACS Web sites. The issue of appraisal data and report standardization is not new to the companies. Previously, Value IT had required its fee panel appraisers to produce and transmit reports using a specific, proprietary form filling software – an expensive, limiting way to ensure both ends of a transaction were speaking the same data language. Its appraisers either had to invest money and time obtaining and becoming proficient on the software, or rely on data converters. With a la mode’s Mercury backend, this problem has vanished. Appraisers can produce reports using essentially any report production software they choose. The data is converted to a standard format, and a rules engine built into the process ensures reports and data conform to Value IT/ACS clients’ requirements even before the report is transmitted. “Giving appraisers a choice in software companies and delivery methods is of great value to us and them,” Heger said. “The rules are very valuable to us in that they minimize the amount of rework and phone calls to the appraiser by establishing a screening process that identifies problems before they happen.” Phone tag, retransmission and manual review of reports have all been trimmed. An Open Source transmission protocol likewise eliminates errors and delays caused by unstable third-party transmission methods. “This scenario provides more stability to a mission-critical process by eliminating reliance on third-party e-mail systems,” Heger said. “This approach also eliminates concern about the reliability of multiple Internet service providers.” File-size limitations and formatting problems are eliminated, Heger said, and appraisers need to manage fewer configuration variables. In addition to time and resource savings per transaction, the protocol shifts the burden of specifications and communication protocol compliance from Value IT/ACS or their clients to software vendors like a la mode, Heger said. “Of the parties involved, a technology provider like a la mode is in the best position to be responsive to changing business needs, protocols, and relationships,” said Scott Kinnaird, vice president of business development for a la mode. “Lenders lend, appraisers appraise, and Value IT and ACS manage that relationship. As the vendor, we’re the one the others should be relying on to ensure the transaction is quick, seamless and compliant.” Greater pool of appraisers to choose from Value IT and ACS boast a pool of more than 15,000 appraisers on their fee panels, complementing a combined 500 in-house employees. Still, by using the Mercury solution, Value IT has been able to connect with more appraisers. Considering that more than 50 percent of all appraisers in the United States use a la mode’s WinTOTAL report production software, the solution appears to be “a natural.” Also, the entire ordering process takes much less time than getting a member of Value IT’s fee panel on the phone. And, because ordering and transmitting reports are accomplished electronically, the company has instant access to report status updates. “We’ve been able to connect more appraisers to us electronically, which has helped decrease turn around time and cost to our customers,” Heger said. “The reception in the appraiser community has been terrific,” Dan Hackman, president of Value IT and ACS, said. “Numerous appraisers have wanted to work with Value IT in the past but wanted to use the software they felt was most suitable to their business. The project with a la mode gave us flexibility and since it was completed, we’ve brought on board thousands of appraisers.” “It's great to work with a partner that is very knowledgeable regarding appraisal software and connecting people to one another,” Heger concluded. “We know that a la mode takes care of our projects quickly and adequately, and it is very reassuring to work with a partner that is able to react to and accommodate our changing business needs.” About Value IT/ACS Value IT/ACS together are the largest Appraisal Management Company in the country, offering valuation products and services in all 50 states. Value IT was one of the pioneers of the EDI methodology, allowing for electronic transmission of the completed appraisal report. The companies are headquartered in Bloomington, MN. For more information, visit http://www.evalueit.com.
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